U.S. import prices rose 0.4% (5.5% y/y) last month after a
revised no change during January, initially pegged as 0.3%. A 0.6%
February rise had been expected. Year-to-year,
higher oil prices and the lower value of the dollar raised prices
for imported products by 5.5%, although that rate of increase has
diminished recently. Petroleum prices rose 1.8% last
month after a downwardly revised 0.3% gain. Brent crude oil
rose to an average $117.92 per barrel from January's $110.49 and so far this month have
risen further to average $125.32. Non-oil import prices slipped 0.2%
following no-change during January. The y/y change in
non-oil import prices during the last twenty years has a 59% inverse
correlation with the nominal trade-weighted exchange value of the US
dollar vs. major currencies.